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Financial transactions and reporting are essential for the operation of the business. They assist companies in complying with regulatory requirements and laws. Public companies, for instance must submit reports to governing bodies like the Securities Exchange Commission to prove that they adhere to accounting regulations for financials. They also need to submit tax returns to their tax authorities to show that they adhere to tax laws for corporations.
Reporting helps a business identify cash inflows or outflows to allow it to plan for future opportunities or threats. Finance teams also have a responsibility to inform the business about potential risks and challenges. This includes helping businesses comprehend the importance of cash flow and how it’s managed.
It is crucial to provide a precise description of each transaction. This is particularly important when it comes to documents like cash statements, modification of deposit or requisitions, order orders, bills, and travel expense reports. A written description that is well-written will be able to tease out the specific purchase in order that it is distinguished from other transactions in the regular ledgers and Finance Mart reports.
FINTRAC uses financial information collected from the public to monitor and detect suspicious activity which include money laundering and terrorist financing. The agency is able to identify patterns and trends through the analysis of reports from credit unions, banks, money services businesses and casinos, as well as data from other sources.
FINTRAC’s goal is to safeguard Canadian society and the economy from the proceeds of criminal activity. To accomplish this, FINTRAC cooperates with law enforcement partners to stop money laundering and terrorist financing by detecting patterns of suspicious activity and sharing intelligence with stakeholders.
